IMF outlook cause for optimism: Swan

THE latest International Monetary Fund global economic update underscores the remarkable resilience of the Australian economy, Treasurer Wayne Swan says.

The IMF is predicting a more gradual upturn in global economic growth during 2013 than forecast three months ago.

In its World Economic Outlook Update released in Washington on Wednesday, the fund says it is now forecasting global growth of 3.3 per cent this year, down 0.1 percentage point from a projection made in October.

But it says policy actions in Europe and the United States have lowered the acute risk of a broader crisis.

Mr Swan says the IMF has painted a picture of cautious optimism for the global recovery in 2013.

"The IMF's update to its global economic outlook underscores the remarkable resilience of the Australian economy throughout this acute and prolonged global economic volatility - from which obviously we are not immune as we can see from the significant hit to budget revenues," he said in a statement.

Australia has already recorded 21 consecutive years of growth, he said.

"While patchy conditions persist in some sectors, Australia's economic fundamentals put our country in a strong position to weather ongoing global uncertainty and maximise the opportunities ahead in the Asian Century."